To link to the entire object, paste this link in email, IM or documentTo embed the entire object, paste this HTML in websiteTo link to this page, paste this link in email, IM or documentTo embed this page, paste this HTML in website

Reports and Resolutions: One hundred-third Annual Convention of the Lutheran Minnesota Conference

86
Report of the Treasurer
DR. Leonard Kendall, President,
Lutheran Minnesota Conference:
I am pleased to submit herewith the financial report of Gustavus Adolphus
College, St. Peter, Minnesota, as audited by Arthur Andersen & Company, Minne­apolis,
Minnesota, for the fiscal year ending May 31, 1960.
R. W. LAWSON, Tr·easurer
AUDITOR'S STATEMENT
To the Board of Trustees,
Gustavus Adolphus College:
We have examined the statement of fund balances of GUSTAVUS ADOL­PHUS
COLLEGE (a Minnesota corporation organized not for profit) as of May
31, 1960, and the related summary of changes in fund balances and statement of
current operating income and expense for the year then ended. Our examination
was made in accordance with generally accepted auditing standards and accord­ingly
included such tests of the accounting records and such other auditing pro­cedures
as we considered necessary in the circumstances. We had made a similar
examination for the year ended May 31, 1959.
The College provides for depreciation on its dormitory and auxiliary equip­ment
but, like many other similar institutions, does not provide for depreciation
on its dormitory buildings, which are owned by the Endowment Fund, nor on its
educational properties. In our opinion, depreciation should be provided on the
dormitory buildings in order to conform to generally accepted accounting prin­ciples.
Records of the College indicate that educational properties are recorded sub­stantially
at cost. Any adjustments of property values which might be required
to adjust book values to a cost basis or to account for unrecorded retirements of
equipment cannot be determined at this time.
Subject to the comments in the two preceding paragraphs, in our opinion, the
accompanying statement of fund balances, summary of changes in fund balances
and statement of current operating income and expense present fairly the finan­cial
position of Gustavus Adolphus College as of May 31, 1960, and the results of
its operations for the year then ended, and were prepared in conformity with
generally accepted accounting principles applied on a basis consistent with that
of the preceding year.
ARTHUR ANDERSEN & Co.
Minneapolis, Minnesota, July 20, 1960.
INCOME:
HIGHLIGHTS
OPERATIONS
Tuition and instructional fees were higher because of
increased tuition rates .............................. $
Endowment income was relatively unchanged .......... .
Income from auxiliary enterprises ..................... .
Miscellaneous fees, etc. . ............................... .
1960 1959
884,000 $ 641,000
42,000 36,000
52,000 50,000
19,000 33,000
Total income ................................... $ 997,000 $ 760,000

86
Report of the Treasurer
DR. Leonard Kendall, President,
Lutheran Minnesota Conference:
I am pleased to submit herewith the financial report of Gustavus Adolphus
College, St. Peter, Minnesota, as audited by Arthur Andersen & Company, Minne­apolis,
Minnesota, for the fiscal year ending May 31, 1960.
R. W. LAWSON, Tr·easurer
AUDITOR'S STATEMENT
To the Board of Trustees,
Gustavus Adolphus College:
We have examined the statement of fund balances of GUSTAVUS ADOL­PHUS
COLLEGE (a Minnesota corporation organized not for profit) as of May
31, 1960, and the related summary of changes in fund balances and statement of
current operating income and expense for the year then ended. Our examination
was made in accordance with generally accepted auditing standards and accord­ingly
included such tests of the accounting records and such other auditing pro­cedures
as we considered necessary in the circumstances. We had made a similar
examination for the year ended May 31, 1959.
The College provides for depreciation on its dormitory and auxiliary equip­ment
but, like many other similar institutions, does not provide for depreciation
on its dormitory buildings, which are owned by the Endowment Fund, nor on its
educational properties. In our opinion, depreciation should be provided on the
dormitory buildings in order to conform to generally accepted accounting prin­ciples.
Records of the College indicate that educational properties are recorded sub­stantially
at cost. Any adjustments of property values which might be required
to adjust book values to a cost basis or to account for unrecorded retirements of
equipment cannot be determined at this time.
Subject to the comments in the two preceding paragraphs, in our opinion, the
accompanying statement of fund balances, summary of changes in fund balances
and statement of current operating income and expense present fairly the finan­cial
position of Gustavus Adolphus College as of May 31, 1960, and the results of
its operations for the year then ended, and were prepared in conformity with
generally accepted accounting principles applied on a basis consistent with that
of the preceding year.
ARTHUR ANDERSEN & Co.
Minneapolis, Minnesota, July 20, 1960.
INCOME:
HIGHLIGHTS
OPERATIONS
Tuition and instructional fees were higher because of
increased tuition rates .............................. $
Endowment income was relatively unchanged .......... .
Income from auxiliary enterprises ..................... .
Miscellaneous fees, etc. . ............................... .
1960 1959
884,000 $ 641,000
42,000 36,000
52,000 50,000
19,000 33,000
Total income ................................... $ 997,000 $ 760,000